A National Democratic Congress (NDC) Parliamentary aspirant for the Odododiodio Constituency, Nii Okai Laryea, has established a GH¢100,000 revolving fund to offer interest-free loans to women in the constituency.
Beneficiaries of the fund are to use the loan to engage in petty trading and small-scale businesses.
Mr Laryea, popularly known as Shistie*, said the loan initiative was christened “empowering today’s women in trade; to sustain the livelihood of their family and business growth”.
At a brief ceremony to announce the initiative in Accra last Tuesday, a dummy cheque of GH¢100,000 was presented to the Odododiodioo.
Constituency Women’s Organiser of the National Democratic Congress (NDC), Patience Amonua Dodoo, to be disbursed to women with varying business portfolios in the party.
The support is to help the beneficiaries to sustain their businesses and pay the amounts they receive through a hassle-free plan of repayment of the loan.
In an interview, Mr Laryea who is also a former Member of Parliament (MP) for Amasaman said the decision to offer the fund was to make the women’s wing more formidable and help the women to be independent.
He said the interest free loan was aimed at helping hardworking women in the constituency to expand their businesses and support their families.
“So the initiative was a pledge I made on February 14, 2023.
The women in this constituency are known for their petty trading and in these challenging times, I strongly believe this money will go a long way to assist them to earn some more,” he said.
He explained that the support was also to save the women in the constituency from the stress they go through to seek financial assistance from traditional banks.
He stated that although women were able to take loans from banking institutions to support their businesses, “this support will help them to avoid the stress and have flexibility for their businesses”.
On the source of the fund, he stated that the money was raised by him with support from some benevolent friends to assist the women in the Odododiodioo Constituency.
According to him, he was passionate about empowering the youth and women in the constituency, therefore, the decision to assist them in their business.
The women Organiser for the Odododiodio Constituency, Patience Amonua Dodoo, who received the cheque, expressed her appreciation to the aspirant for instituting the loan scheme to support women in the constituency.
“I trust my women and know they will make good use of the money and also pay back the interest free loan at the stipulated period to enable others to also enjoy,” she said.
She indicated that the loan support would range from GH¢1000 to assist existing businesses of beneficiaries or for them to commence petty trading, adding: “We will first start with 100 women within the wards in the constituency.